Home Bullish outlook for Canadian Dollar ebbs on dovish BOC expectations – Reuters poll
FXStreet News

Bullish outlook for Canadian Dollar ebbs on dovish BOC expectations – Reuters poll

The Canadian Dollar (CAD) will strengthen less than previously forecasted against the US Dollar over the coming year due to the global uncertainty and expected interest rates by the Bank of Canada (BOC), according to a Reuters poll.

Key points (Source: Reuters)

  • Thursday’s poll of more than 40 currency analysts expects the CAD to 1.33 per US Dollar in one month from now. As of writing, USD/CAD is trading at 1.3230.
  • The loonie is then expected to rebound to 1.3050 in 12 months vs August’s prediction of  1.2946.  

On Wednesday, the Bank of Canada kept rates unchanged at 1.75% and refrained from signaling rate cuts in the near future.  

The money markets, however, see about a 50% chance of a rate cut at the Oct. 30 announcement.  
 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.